The Organization of Petroleum Exporting Countries (OPEC) is a

The Organization of Petroleum Exporting Countries (OPEC) is a cartel. A cartel is a group of producers who collude to limit competition and increase prices in a particular industry. OPEC is made up of 13 member countries, mostly located in the Middle East, Africa, and South America, that collectively control over 40% of the world's oil production. OPEC members cooperate to control the supply of oil and stabilize prices by setting production quotas for each member country. This allows OPEC to influence the global price of oil by adjusting its production levels.